Alphonse Karr Would Have Made a Great REALTOR®
The phrase, “The more things change, the more they stay the same.” is credited to French critic and author Alphonse Karr, in 1849. The point he was making could be applied to today’s real estate rule changes as they are interpreted by the National Association of Realtors, resulting from a series of lawsuits and settlements involving the U.S Department of Justice (DOJ).
The upshot of the whole thing is that sellers can no longer offer to pay the buyer’s agent commission on the Multiple Listing Service (MLS), but they can still offer and pay the buyer’s agent commission. The sellers must simply find other ways to publicize the offer by putting it on flyers, e-flyers, even yard sign riders. So, big change – but stays the same.
Another concern of the DOJ was that commissions be negotiable, which they always have been, except for a few misguided agents who may have implied that certain commissions were necessary for a seller’s home to be shown. So again, big change – but stays the same.
Finally, buyer’s agents must now explain how they get paid (usually from the seller), what they do for that compensation, and must now document that they have done so with a signed Buyer Broker Agreement. Again, big change, but agents still get paid the same way they always did.
All these changes, and how things really stay the same, have led to many different versions or explanations by real estate agents and brokers, but they are really trying to say the same things – sellers offer a reward to a buyer’s agent for bringing an offer, all rewards, compensations or commissions are negotiable, and agents are happy to show houses, as long as they have a piece of paper saying they have explained all this to their potential buyer before they unlock a door.
Sound confusing? Maybe a little bit, but we are happy to explain it all, over and over, face-to-face, client-by-client, until all the panic and confusion subsides.
We are still listing houses. We are still showing houses. We just do a little more educating and reassuring now.
If you are thinking of selling, it still works the same way. We work up comps, we come see your home, and we show you how we get you a ‘SOLD’ sign.
If you want to go see a house or houses, it still works the same – we just explain what we do and how we get paid, put it on a Buyer Broker Agreement, and then go shopping. Until you are comfortable making us your Agent of Choice and signing an exclusive Buyer Broker Agreement, we do a non-exclusive agreement for as few as one house and for as little as one day. See… everything remains the same.
I’m Joseph Callaway and I want to be your Frenchman – The more things change, the more they remain the same.
My 24/7 cell phone is 602-796-5751.